Cannae(CNNE)2025-05-12 21:11Financial Performance - Total operating revenues for the three months ended March 31, 2025, were 110.7 million in the same period of 2024[111]. - Restaurant revenue decreased to 106.5 million in Q1 2024, reflecting a decline of 6.9%[111]. - Operating loss for the three months ended March 31, 2025, was 40.6 million in the same period of 2024, representing a reduction of 47.3%[111]. - Net loss attributable to Cannae Holdings, Inc. common shareholders was 89.9 million in Q1 2024, indicating an increase of 25.7%[111]. - Alight's total revenues decreased to 559.0 million in Q1 2024, with a net loss attributable to Alight of 25.0 million[127]. Impairments and Fair Value - The fair value of the ownership interest in Dun & Bradstreet was 617.3 million as of March 31, 2025, with a recorded book value of 68.1 million[106]. - The fair value of the investment in Alight was 369.5 million, indicating a decline in fair value for approximately 11 months[107]. Taxation - Income tax expense for the three months ended March 31, 2025, was 56.5 million in the same period of 2024, reflecting a decrease of 64.3%[120]. - The effective tax rate for Q1 2025 was (121.7)%, compared to (156.1)% in Q1 2024, influenced by changes in the characteristics of net earnings[120]. Operational Challenges - The company anticipates ongoing macroeconomic uncertainty impacting operations in fiscal 2025, including factors such as consumer spending and inflation levels[101]. - Comparable store sales for O'Charley's and 99 Restaurants brands decreased by 14.9% and 0.3%, respectively, primarily due to a decrease in guest counts[124]. - Cost of restaurant revenue as a percentage of restaurant revenue increased to 91.8% in Q1 2025 from 88.5% in Q1 2024, primarily due to inflation in commodities[125]. Segment Performance - Restaurant Group segment total revenues decreased by 99.1 million for the three months ended March 31, 2025, compared to 17.7 million in Q1 2025 from 45.1 million to (36.0) million in Q1 2024, mainly due to tax refunds and lower operating expenses[142]. - Cash and cash equivalents as of March 31, 2025, totaled 109.9 million held by the corporate holding company[138]. - The company expects to receive additional cash proceeds of 549.4 million upon closing of the D&B Sale, anticipated in Q3 2025[139]. Share Repurchase Programs - The company has repurchased a total of 7,704,537 shares for approximately 151.0 million, averaging $19.59 per share, under the 2022 Repurchase Program[152]. - A new stock repurchase program was authorized on October 29, 2023, allowing for the repurchase of up to 10.0 million shares, in addition to the existing 2022 program[153]. - The 2025 Repurchase Program was authorized on March 24, 2025, also permitting the repurchase of up to 10.0 million shares, with no purchases made under this program as of the report date[154]. Market Risks - There have been no material changes in market risks during the three months ended March 31, 2025, compared to the previous annual report[155].